Thailand - Bangkok Bank

H3X · #1 06-10-2005, 16:54

I am a UK expat in N.Africa and make regular trips to LOS....I hope to make it my home in the next few years.

I have a bhat account with Bangkok bank and see from their website they offer Foreign Currency accounts.

http://www.bangkokbank.com/Bangkok+B...nt/default.htm

I am looking at opening a GBP/ Euro account and 'hiding' my Sterling and Euro savings in Thailand.

Did anybody else do this ? Is there a problem with Withholding taxes and transfers out etc ?

Thanks

HeX

LivinLOS · #2 06-10-2005, 18:16

Why do that in a country with currency restrictions (getting it out can be problematic) and terrible rates of interest..

Barclays Offshore (jersey and IOM) will give 4.5% on GBP with no lock in and have superb online banking, platinum barclaycard etc..

Singapore also has a modern banking system..

In Thailand a bank folds you have lost it personally, no government backing.. If accounts get illegally accessed the banks will not pay out of thier pocket even if its thier negligence over the loss (same with Thai credit cards no user protection at all)..

I just keep spending money in Thailand.. The old addage of never bring more into Thailand than you are prepared to lose springs to mind..

H3X · #3 06-10-2005, 18:57

Hi LIL

I knew you could offer me some advice re offshore...
Unfortunately for me I have my cash and assets in the IoM as thats my pre-expat life residence.

My reasoning is a bit personal and time is of the essence .....I will just mention that I am a 'married' expat but wifey wants to go home to the IoM and I want to retire to Thailand.

I fear a firm of Solicitors will be second on her list to visit after the BMW showroom ...... and then my future plans will be dust.

H3X

LivinLOS · #4 06-10-2005, 19:36

Well it could be moved rapidly to jersey Barclays.. If you have anything sizable to move they assign you a personal relationship manager as your point of contact for everything and the person who is 'your' bank rep..

I have had terrible banking experiences in the past (they seem to forget that your the customer these days) until I started with my current one.. Sure I might gripe and moan they have slightly higher charges than a high street but the service is just totally different..

If you need a point of contact PM me for tel and email of my manager.. they are always looking for new clients.